Loan Comparison: 4.98% vs 6.5%
223 5th, Firestone, CO 80520 · 4bd/2ba · $490,000
List Price
$490,000
Assumable Rate
4.98%
Remaining Balance
$416,902
Equity Gap
$73,097
Loan Type
FHAAdjust Your Scenario
$24,500
$24,500$73,097
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 4.98% + gap loan
$2,607/moAssumed loan: $2,233/mo
Gap financing: $374/mo
$336less per month with the assumable
Your Savings on This Property
223 5th, Firestone · 4.98% FHA vs 6.5% conventional
$336
per month
$4,028
per year
$120,845
over 30 years
$120,844
interest saved
How gap financing works: The equity gap ($73,097) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($48,597 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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